ACCT 553

ACCT 553 DEVRY FINAL EXAMACCT 553 DeVry Final Exam

ACCT553

Question 1.1. (TCO E) Interest, dividends, and annuities income are classified as _____. (Points : 5)

active income

passive income

portfolio income

None of the above

Question 2.2. (TCO D) Which of the following is an example of a nontaxable; like-kind exchange? (Points : 5) I

Inventory for a locomotive

A printer for an office building

Land for an office building

The trade of an apartment building for a computer

Question 3.3. (TCO H) Alex files a tax return for the 2010 tax year. His adjusted gross income is $50,000. He had a net investment income of $9,000. In 2010, he had the following interest expenses. Personal credit card interest: $4,000Home mortgage interest: $8,000Investment interest (on loans used to buy stocks): $15,000What is the interest deduction for Alex for the 2010 tax year? (Points : 5)

$27,000

$8,000

$17,000

$18,000

Question 4.4. (TCO B) Mark Miller paid the following medical expenses ACCT 553 during the year (all in excess of reimbursement).Hospital and doctor bills (for self and wife): $840Medicine and drugs (for self and wife): $730Hospitalization insurance premiums: $6,200Medicine and drugs (for dependent mother, age 71): $1,060Assuming that Mark’s adjusted gross income was $60,000, how much of a medical-expense click here deduction may Mark claim on his return? (Points : 5)


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